Investinlondon
AUCTION H O U S E London made its best-ever sale at its latest auction. Number 3 The Drive, Woodford, E18 sold for £1.675 million against a guide price of £1.65 million. The four/five-bedroom detached house was offered with vacant p possession.
London lots were prominent at auctioneer Acuitus’s sale yesterday. They i included 180 Drury Lane WC2, a 979 sq f ft retail, office and residential property with development potential in Covent Garden (current income: £9,000 a year; guide price: £350,000). Also featured was Action House, Bermondsey, SE15, a 11,825 sq ft freehold office let to Action for Blind People until 2027 on a lease currently producing £107,000 a year (guide price: £1.15 million). Another London property in the sale was 68 Uxbridge Road, W12, a 1,890 sq ft shop, let to Greggs on a new 10-year lease, with two flats above let on assured shorthold tenancies (income £80,900 a year; guide price: £1.15 million).
Speaking before the sale, Acuitus auctioneer Richard Auterac, commented:“Investors have been very focused on London assets in recent months. These five lots provide a wide range of price opportunity and we are expecting strong interest in each of them”.
AUDIT CHANGE
A layer of red tape has beenremovedforproperty investment companies with assets of more than £3.26 million. Until now they have required an audit of their assets. Business secretary Vince Cable has dropped that rule. They are among 36,000 companies whose accounting year falls on or after October 1, 2012 who will not require an audit unless the company falls into two of these three categories: turnover above £6.50 million; total assets above £3.65 million; more than 50 employees. “There may be other reasons a company decides to retain the audit,” says Daniel Baum of accountant Cameron Baum. “But at least it is no longer a legal requirement and that must be a step in the right direction.”